Business

Vehicle sales are growing in pace with the strong economic growth as the combined sales figures of Chamber of Automotoive Manufacturers of the Philippines Inc. (CAMPI), Truck Manufacturers Association (TMA), and Association of Vehicle Importers and Distributors (AVID) last year reached 404,710 units to exceed the sales target of 370,000 for last year. 

By Riza Lozada Public firm Philodrill Corp (Philodrill) will start drilling an a new deep sea oil prospect in the Galoc field in northwest Palawan, the company reported to the stock exchange.

The Lepanto Consolidated Mining Co. board has approved the private placement of 3.35 million common shares of stock for 15 centavos per share or a total of P502.5 million by information technology firm Yapster e-Trade Inc.

Luxury brands retailer SSI Group Inc. has sealed a joint venture with Japanese firm Ryohin Keikaku Co. Ltd. (RKC) to further develop the MUJI retail business in the Philippines. SSI is infusing P89.25 million for a 51-percent stake in the joint venture company (JVC), while RKJ will shell out P85.75 million for a 49-percent stake in the joint venture.

The Bureau of Internal Revenue (BIR) is investigating allegations that some local tobacco firms are using fake tax stamps on cigarettes. 

Government-owned Social Security System (SSS) has reduced its 2017 budget for operating expenses (opex) by P1 billion as it seeks measures to improve its financial performance. 

The Industrial Guarantee and Loan Fund (IGLF), which the government uses to finance industrial projects and is managed by the Development Bank of the Philippines (DBP), reported P4.5 billion in loans released to micro, small and medium enterprises (MSMEs) last year. 

An economist of Standard Chartered (Stanchart) forecasts tightening of domestic liquidity starting in the middle of 2017, thus, a possible cut in banks’ reserve requirement ratio (RRR) to pump out liquidity. 

By Riza Lozada Uncertainties on policies that the US government will implement under US President Donald Trump and the dovish statement by Federal Reserve chairperson Janet Yellen, led to mixed results for the Philippine peso and the local bourse.

The Manila International Container Terminal (MICT), listed International Container Terminal Services Inc.’s (ICTSI) flagship operation and the country’s largest, most technologically advanced container terminal, capped 2016 with a milestone as it reached its first year-to-date 2 million TEU moves last December.